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In his first interview since being appointed to the ost, he said: "This is our home. This is where BP has matured and we feel this is our backyard."

The development is particularly welcomed after a perios in which the industry has suffered thousands of job losses due to the plummeting price of oil. BP will this week complete the installation of the modules for Clair Ridge, while the Glen Lyon floating platform is expected to arrive in the coming days.

Mr Thomas said: "It's not often in an oil and gas basin that within five days you have two major projects basically sailing to the field. It should never be taken for granted.

"The north-east is a mature basin but we're looking towards the future, particularly in the west of Shetland, and we see that as a growth opportunity.

"When was the last time you ever heard someone talk about the North Sea as a growth opportunity? And that's what we're looking at. The west of Shetland is a place we want to invest and be in for the next three or four decades."

Beauty of Scottish nature

Sat, September 19, 2015

These remarkable photos of Britain's birds, beasts and beaches have been shortlisted in a competition to celebrate Scottish nature photography

Mike Cruise, from Ayrshire, took a picture of two kingfishers in flight in Dumfries and Galloway, entitled Kingfisher Flypast

The 534 new jobs are linked to the commissioning of the two projects, with the work expected to last 18 months. The announcement comes after BP shed 600 of its 3,000-strong North Sea workforce earlier this year.

Mr Thomas added: "It is nice to give a little bit of economic stimulation to the north-east. The region could use it right now."

He said it was exciting that the Glen Lyon project was finally coming to fruition, insisting it will be "magnificent" when it is finally online.

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The Clair Ridge and Glen Lyon platforms are expected to produce a billion barrels of oil in 40 years

He added: "Glen Lyon is a project that was years and years in the making and all of sudden it's there.

"It's going to be in the field this weekend and start hook-up. It will be online towards the end of the this year or early 2017."

The Clair Ridge development is expected to produce an estimated 640million barrels over a 40-year period, with peak production predicted at 120,000 barrels per day. ConocoPhillips, Chevron and Shell are all co-partners in the field, which covers an area of approximately eight miles.

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The news is welcomed after the industry lost thousands of jobs due to plummeting oil prices

The Glen Lyon FPSO is a key element of the multi-billion-pound Quad204 project, which is redeveloping the Schiehallion and Loyal fields.

The project - which will extend procution to at least 2035 - will see the development of new production and injection wells, the upgrading of the subsea pipeline and wellhead infrastructure to enable the full development of the reserves.

The move aims to access the estimated 450million barrels of resource still available in the fields.